Wednesday, April 24, 2024
Coffee with MarkZ and Andy Schectman. 04/24/2024
Zimbabwe’s Introduction to a New Gold-Backed Currency Led to a Stock Market Slump, 24 APRIL
Zimbabwe’s Introduction to a New Gold-Backed Currency Led to a Stock Market Slump
Zimbabwe’s New Currency Leads to a Stock Market Wipeout
Story by Kailas Salunkhe, TIPRANKS, on MSN
Earlier this month, Zimbabwe introduced a new gold (CM:XAUUSD)-backed currency, called the ZiG (Zimbabwe Gold). However, even a well-intentioned path to fiscal prudence can become paved with unintended setbacks, including a stock market wipeout.
Zimbabwe’s Stock Market Slump
The introduction of the ZiG has resulted in a difficult-to-digest 99.95% wipeout in the Zimbabwe Stock Exchange All Share Index so far this month. This major change required local institutions and businesses to reconfigure their systems to accommodate the new currency, resulting in the rebasing of share prices for all listed companies in the country. According to Bloomberg, investors rushed into stocks prior to the conversion to escape inflation and the collapse of the local dollar (Zimbabwe’s previous currency).
However, the trading volumes and the value of transactions on the exchange have plunged after share prices were rebased in the new currency. The low trading volumes are also taking a toll on the country’s stockbroking industry.
Meanwhile, many Zimbabweans still prefer to transact in the more stable U.S. Dollar. This preference has led to a black market, where the ZiG is trading at nearly 20 ZiG for 1 USD. The official exchange rate from the Zimbabwean authorities is 13 ZiG to 1 USD.
Next Steps
As Zimbabwe embarks on its sixth attempt to introduce a stable and credible currency, the next significant milestone approaches on April 30. This marks the introduction of physical notes and coins in the new currency for circulation across the country.
'ABOUT THE STATUS OF IRAQ" BY GOLDILOCKS, 24 APRIL
GOLDILOCKS
Iraq is telling us on the CBI website that they are meeting their Financial Inclusion Requirements.
G20 has standard guidelines for what this means.
"Financial inclusion is measured in three dimensions: (i) access to financial services; (ii) usage of financial services; and (iii) the quality of the products and the service delivery."
© Goldilocks
https://cbi.iq/news/view/2552
"RV UPDATE" BY WOLVERINE, 24 APRIL
“I have incredible news coming through. This is real and happening. I have received news that we are days, or even hours away from this happening.
“An audio came out from the owner of the Pentecostal Group in Columbia. Michael Rueben who is the number one Paymaster over all the Paymasters in the World, had a meeting with the committee. He said that things have started.
THE BIG CALL HIGHLIGHTS, 24 APRI
Tues. 23 April Bruce The Big Call Universe (ibize.com) 667-770-1866, pin123456#
“Redemption Center sources say everything will be released by the end of the week. One Redemption Center Head said ‘This is the week.’
Since Sun. 21 April19 currencies have been going up in value on the Forex. Zim has been on par with the US Dollar and was now over par. While most currencies will top out, the Dong may continue to go up in value.”
Expected Rise In The Dollar... "Temporary Shock" Awaits The Iraqi Market, 24 DEC
Expected Rise In The Dollar... "Temporary Shock" Awaits The Iraqi Market Economy |Today Baghdad Today – Baghdad The "Iraq...
-
Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
-
Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
-
Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...